Nonprofit organizations across the country are concerned that a budget plan on the verge of adoption in New York State limiting charitable deductions for “high earners” could catch on with other cash-starved state governments — and Congress — and cause a loss of significant contributions.
New York passed a budget plan that has a provision that would cut deductions taxpayers who earn more than $10 million annually can claim in half.
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AHP: Budget Proposals Will Thwart Charitable Giving, Endanger Hospitals
February 4, 2010
From News
Feb. 4, 2010, Washington, D.C. — President Obama’s budget proposals to reduce tax deductions for charitable donations and freeze discretionary spending will harm fundraising for nonprofit hospitals by thwarting giving by wealthy donors and drying up funds meant to help the poor and underinsured, according to the Association for Healthcare Philanthropy whose members direct fundraising for some 2,200 hospitals and health care systems across the U.S. and Canada.
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